Accounting MCQ Questions and Solutions with Explanations | Commerce

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61.
The people to adopt a new product first are called

A. Early adopters

B. First users

C. Initial adopters

D. Innovators

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62.
A and B are partners. A died in an accident so:

A. Firm will be dissolved

B. Partnership will be ended

C. firm and partnership both will be dissolved

D. None of the above

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63.
A club received Rs. 1,00,000 as a donation for the year 1998. The amount of donation received was Rs. 15,000 on 31^st December 1998 and Rs. 20,000 on 31^st December 1997. The amount of income as donation for year 1998 is-

A. Rs. 1,05,000

B. Rs. 90,000

C. Rs. 1,15,000

D. Rs. 95,000

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64.
The 'y' axis in the break even chart represents

A. Volume of sales in units

B. Value of sales in rupees

C. Cost and sales in rupees

D. Value of production in rupees

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65.
Which of the following expenditure is of capital nature:

A. Postage on mailing of Share Certificates

B. Payment of Underwriting Commission on issue of Shares

C. Bank charges for payment of dividend warrants

D. Expenses on printing of Annual Report

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66.
Current ratio is

A. Balance Sheet Ratio

B. Profit & Loss account Ratio

C. Combined Ratio

D. Income Ratio

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67.
Decrease in current liability indicates

A. Inflow of cash

B. Use of cash

C. None of the A and B

D. Both A and B

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68.
Which of the following is not correct equation?

A. Purchases + opening stock - cost of goods sold = closing stock

B. Opening stock + purchases - closing stock = cost of goods sold

C. Closing stock - cost of goods sold - purchases = Opening stock

D. Cost of goods sold + closing stock - purchases = Opening stock

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69.
Cash Flow Management involves:
i. Lock-box system
ii. Marketable securities
iii. Playing the float
iv. Concentration Bank Account

A. i, ii and iii only

B. ii, iii and iv only

C. i, iii and iv only

D. i, ii and iv only

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70.
As per Revenue Recognition Concept, revenue is deemed to be realised

A. when purchase order is received from the purchaser

B. when goods are delivered to the purchaser

C. when the title of the goods has been transferred to the purchaser

D. when cash is received from the purchaser

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Accounting MCQ Questions and Solutions with Explanations | Commerce

61. The people to adopt a new product first are called

Answer & Solution

62. A and B are partners. A died in an accident so:

Answer & Solution

63. A club received Rs. 1,00,000 as a donation for the year 1998. The amount of donation received was Rs. 15,000 on 31st December 1998 and Rs. 20,000 on 31st December 1997. The amount of income as donation for year 1998 is-

Answer & Solution

64. The 'y' axis in the break even chart represents

Answer & Solution

65. Which of the following expenditure is of capital nature:

Answer & Solution

66. Current ratio is

Answer & Solution

67. Decrease in current liability indicates

Answer & Solution

68. Which of the following is not correct equation?

Answer & Solution

69. Cash Flow Management involves: i. Lock-box system ii. Marketable securities iii. Playing the float iv. Concentration Bank Account

Answer & Solution

70. As per Revenue Recognition Concept, revenue is deemed to be realised

Answer & Solution

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61.
The people to adopt a new product first are called

62.
A and B are partners. A died in an accident so:

63.
A club received Rs. 1,00,000 as a donation for the year 1998. The amount of donation received was Rs. 15,000 on 31^st December 1998 and Rs. 20,000 on 31^st December 1997. The amount of income as donation for year 1998 is-

64.
The 'y' axis in the break even chart represents

65.
Which of the following expenditure is of capital nature:

66.
Current ratio is

67.
Decrease in current liability indicates

68.
Which of the following is not correct equation?

69.
Cash Flow Management involves:
i. Lock-box system
ii. Marketable securities
iii. Playing the float
iv. Concentration Bank Account

70.
As per Revenue Recognition Concept, revenue is deemed to be realised